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Can U Pls Interpret ISBP Paragraph K23
Posted: Mon Oct 05, 2015 5:30 pm
by swapon
K23) Any indication on an insurance document regarding payment of an insurance premium is to be disregarded unless the insurance document indicates that it is not valid unless the premium has been paid and there is an indication that the premium has not been paid.
swapon
Interpretation
Posted: Wed Oct 07, 2015 10:30 am
by picant
Hi Pal,
assuming that the insurance document contains a clause such "premium paid" or "premium not yet paid" or the like, documents checker must ignore this clause, except when integrated with a sentence that "if premium not paid insurance will not be valid" or the like.
In few words the document must not be linked to the payment of the insurance premium except when it brings a condition that insurance will start only if the document has been marked "premium paid" or the like.
Othe comments appreciated
Ciao